Can Democracy and Capitalism Be Reconciled?

by Milkis, Sidney M.; Miller, Scott C.

• ISBN13: 9780197774700
• ISBN10: 0197774709
• eBook ISBN(s): 9780197774724
• Format: Paperback
• Copyright: 2025-10-24
• Publisher: Oxford University Press
• More Book Details

Summary

In Can Capitalism and Democracy Be Reconciled?, Sidney M. Milkis and Scott C. Miller have gathered a truly eminent cast of contributors to provide a multidisciplinary examination at the intersection of capitalist economies and democratic political systems across time and space. Featuring twenty-four essays from scholars across nine different academic fields, the volume interrogates the ideas, history, and policy behind these two pillars of liberal society.

The volume begins with an introduction that explores the vibrant historical debate over whether democracy and capitalism can and should coexist in America. The contributors, further examining the United States and comparable countries, conclude that democracy and capitalism can be reconciled; at the same time, many recognize that the relationship is fragile and urge systemic changes that might sustain democratic capitalism in the future. The core thematic sections begin with an examination of the foundational yet fluid meaning of democracy and capitalism and consider the inherent tensions in reconciling them. The remaining sections address the underlying causes of, and solutions to, five modern "pathologies" of democratic capitalism: 1) Environmental Degradation; 2) Governance and Consolidation of Private Power; 3) Inequality and Opportunity; 4) Polarization; and 5) Frictions at the Intersection of Popular Will and Sound Policy. By examining these pathologies from many disciplinary and temporal angles, this volume provides a rounded understanding of why these pathologies arose, how they have influenced society, and how free people can reform their political economy to bring it more in line with their values.

Author Biography

Sidney M. Milkis is the White Burkett Miller Professor in the Department of Politics and a Senior Fellow at the Miller Center of Public Affairs, University of Virginia. He was awarded the Cavaliers' Distinguished Teaching Professorship for 2018-2020, the highest teaching award at the University of Virginia, which recognizes an eminent scholar for outstanding undergraduate teaching. In 2016-2017, he was named the John G. Winant Visiting Professor of American Government at Oxford University. His research focuses on the American presidency, political parties and elections, social movements, and American political development. He has published fifteen books, and his articles have appeared in Perspectives on Politics, Political Science Quarterly, Studies in American Political Development, PS: Political Science and Politics, the Journal of Policy History, Antitrust Law Journal, Presidential Studies Quarterly, Journal of Supreme Court History, American Political Thought, Social Science Quarterly, and several highly regarded edited volumes.

Scott C. Miller is Assistant Professor of Business Administration at the Darden School of Business and Director of the Project on Democracy and Capitalism at the University of Virginia. From 2019 to 2021, Miller held a postdoctoral fellowship in economic and business history at the Yale School of Management's International Center for Finance. As an economic historian, Miller examines the development of modern economic systems, particularly during periods of instability and volatility. He is the author or co-author of numerous scholarly papers on economic history, financial crises, and the interplay between societal and economic change. He also has written or co-written twenty case studies on financial crises and economic development.

Table of Contents

Preface - Sidney M. Milkis and Scott C. Miller
Introduction - Sidney M. Milkis and Scott C. Miller

Section 1: The Nature of Democratic Capitalism
Synthetic Essay - Isabel Sawhill
Chapter 1: Two Peas in a Pod: Democracy and Capitalism - Vincent Geloso and Alex Tabarrok
Chapter 2: Political Parties and Democratic Capitalism - Didi Kuo
Chapter 3: The Varying Fortunes of Democratic Capitalism - Carles Boix

Section 2: Environmental Degradation
Synthetic Essay: Democratic Capitalism, Industrial Policy, and the Challenge of Climate Change - Michael J. Lenox
Chapter 4: Can Democratic Capitalism Protect the Climate? - Barry Rabe
Chapter 5: Recruiting Capitalism for Environmental Protection - Shi-Ling Hsu

Section 3: Governance and Consolidation
Synthetic Essay: Can Democracy and Capitalism be Reconciled? - Kenneth J. Elzinga
Chapter 6: The Problem of Market Power in Postwar American: Antitrust Law, Accountability, and Changing Ideas of Market Power - Laura Phillips-Sawyer
Chapter 7: Democracy, Capitalism, and Equality: The Importance of Impersonal Rules - Naomi Lamoreaux and John Wallis

Section 4: Inequality and Opportunity
Synthetic Essay: Can Capitalism Save Itself? Capitalism's Looming Threats to Democracy and Practical Strategies to Step Back from the Brink - Christine Mahoney
Chapter 8: Diversity, Pluralism, and Tolerance: The Roots of Economic Progress? - Joel Mokyr
Chapter 9: For-Profit Colleges and the Tension between Capitalism and American Democracy - Deondra Rose
Chapter 10: The Fourth Subsidiary Ideal: Empowering Economies - Danielle Allen

Section 5: Polarization
Synthetic Essay: In Polanyi's Shadow: Race, Capitalism, and Democracy in Our Time - Robert C. Lieberman
Chapter 11: From Leader to Laggard? American Democratic Capitalism in the Knowledge Economy - Jacob S. Hacker and Paul Pierson
Chapter 12: How the Transformation of the American Political Economy Spurred a Rural-Urban Divide - Trevor Brown and Suzanne Mettler
Chapter 13: A Shifting Landscape: Capitalism, Democracy, and the Rise of the New Right - William A. Galston

Section 6: Frictions at the Intersection of Democracy and Capitalism
Synthetic Essay: Institutions as Interstices: Frictions at the Intersection of Democracy and Capitalism - Jennifer Bair
Chapter 14: Representative Government and Mercantilism in England - Dan Bogart and Kara Dimitruk
Chapter 15: Freedom's Frictions: Entrepreneurial Imaginaries in the Making of American Capitalism and Democracy - Hannah Knox Tucker and R. Daniel Wahdwani
Chapter 16: Financial Crises and the Coexistence of Democracy and Capitalism: The Case of the Panic of 1907 - Robert F. Bruner
Conclusion: Can Democracy and Capitalism be Reconciled? Ten Conclusions in the Search for a Just Society - James A. Morone

Index